With Bitcoin sitting below the 2018 high, we see the importance of the 0.786 retracement level demonstrated in the Bitcoin chart. The cyclical low so far this bear market has stopped just short of the 0.786 retracement from the previous all-time-high at $69k. Price has also found support at the 0.786 retracement level (red line) of the recent move up to $21.8k.
If BTC falls below this 0.786 level at $18.5k, then there is a level of untested support from June 26, 2019, waiting to be confirmed at $13.8k.
It is unclear which way the market will break. What do you think? Will the two 0.786 levels hold to see BTC rally higher with a bullish cross of the MAs to propel price back out of this hole, or is a 30% drop to $13.8k in our immediate future?
If BTC falls below this 0.786 level at $18.5k, then there is a level of untested support from June 26, 2019, waiting to be confirmed at $13.8k.
It is unclear which way the market will break. What do you think? Will the two 0.786 levels hold to see BTC rally higher with a bullish cross of the MAs to propel price back out of this hole, or is a 30% drop to $13.8k in our immediate future?
Yorum:
BTC found support at the 0.786 level, however, the current headwinds are strong and the next critical level it $22.2k. A failure there could see price collapse significantly lower. A lower probability is a confirmed break above that level and price might move higher still.
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